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through like katrina or like irene? >> every storm is different, as i said. we have their own hazards. irene was a storm that moved parallel to the coast with most of the heaviest weather to the right so there were a lot of folks very close to the center in new jersey, for example, that didn't really know that there was a lot going on. this storm instead, first of all, it's much larger than irene. it's coming directly at the coast instead of parallelling it. the effects are spanning hundreds and hundreds of miles, much more so than irene. >> ifill: this storm is hovering with lots of rain centered over one area. how many days do you expect we'll be coping with the fallout from all of that? >> well, i think that it's going to take until wednesday before conditions really significantly improve so that people can get back and start looking at what happened. tomorrow it's still going to be a bad day because the system is going to slow down once it gets towards pennsylvania. it will weaken, but it's going to take a long time for this system to wind down. >> ifill: james franklin of the nat
to past noreasters. >> reporter: last year's hurricane irene was the most recent storm to pummel the northeast. it cost the industry roughly $4.3 billion in insured losses. analysts can't yet predict how steep losses from sandy will be, but they say the companies with the most exposure include: liberty mutual, travelers, allstate, and chubb. auden thinks those firms will be able to shoulder a financial hit if the storm's damage mirrors that of irene. >> with every event companies gather more information on potential losses, so catastrophe losses become much more sophisticated. companies use those to measure aggregation of losses and potential losses from a given event. >> reporter: damage from wind, falling trees, and rain coming through roofs is covered by standard insurance policies. but analysts fear much of the damage from sandy to homes and businesses is likely to come from storm surge flooding which isn't. the insurance information itite estimates roughly 300,000 homes in thhease nort could be vulnerable to this type of event. but the institute is optimistic many homeowners
to this storm after hurricane erin green. -- hurricane irene. this is an island. it is very vulnerable to flooding. that has been known for some time. need some sort of coastal defenses. >> thank you very much. for the last 24 hours, images have been coming in of the sheer strength left by sandy. here are a few photographs that capture these images. ♪ ♪ >> the extraordinary images of new york city, a city that all of us know so well, but it looks very different today. that brings the program to a close. i'm kathy kaye. thank you for watching. i will see you tomorrow. >> make sense of international news at bbc.com/news. >> funding for this presentation was made possible by the freeman foundation of new york, stowe, vermont, and honolulu, newman's own foundation, and union bank. >> at union bank, our relationship managers use their expertise in global finance to guide you through the business strategies and opportunities of international commerce. we put our extended global network to work for a wide range of companies, from small businesses to major corporations. what can we do for
, running between $10 billion and $20 billion, according to eqecat. hurricane irene did $10 billion damage 14 months ago. >> susie: wall street was closed again today for the second straight day because of hurricane sandy. this is the first two-day weather-related shutdown since 1888. but the major exchanges are expected to reopen tomorrow. all systems are a go. the new york stock exchange said the opening bell will ring as usual at 9:30 a.m. eastern time. the nasdaq will also open for normal operations on wednesday. that's just what investors wanted to hear. both exchanges have been running tests today to make sure all systems were running smoothly. >> susie: the nyse's building is located on wall street, just blocks away from the section of lower manhattan that was deluged by hurricane sandy. but there was no flooding at the big board, and no other damage to the building, trading floor and trading systems. but while the nyse and nasdaq expect tomorrow to be business as usual, it won't be a typical day for people trying to get to work. many of new york's bridges and tunnels are still clos
of natural disasters. 2011 you had the tornado in tuscaloosa andiop len. you had hurricane irene in 2011. this year, you look at june 2012, you had the colorado wildfire. you had hurricane isaac which hit louisiana. what we're looking at with sandy is multiple states across some of the most heavily populated states on the east coast, and that's why this has caught everybody's attention for good reason. >> susie: what about businesses? to what extent are they covered through all of this, or is there a deference being a homeowner-- we have heard companies have closed operations for the next few days. >> well business insurance policy coverage is comparable to a home insurance policy, they're going to cover you for wind damage. most business insurance policies have a provegz in them called bi, or business interruption coverage. so if their property is hit directly and it causes them to shut down for a period of time, oftentimes they can file a claim and be covered for the business they could have potentially had, had there not been a hurricane that hit their property. >> susie: everybody is
they've experienced? >> there's some comparison to the last storm 14 months ago, irene. that was when the subways were shut down. but the difference was the subways ultimately weren't damagedded. so they got pretty much right back into... right back into work. you know, it's interesting. we're not getting the 9/11 comparisons which is really the last thing that fully affected everybody in the city. but you're not really hearing that. the comparison that came up, for instance, the new york stock ex-closed for weather two days in a row. the last time they did that was the blizzard of 1888. nobody around here members the blizzard of 1888 so there's not a lot of talk about, we look back and remember that big old blizzard. >> woodruff: we understand the stock exchange is open again tomorrow. what about work in general? are people expecting to go back to work, to get any semblance of life back to normal? >> tomorrow will be a really interesting day because i think after two days and after the weather kind of gets back to normal, you will get people feeling antsy. you will get them wanting t
's warmest year since recordkeeping began in 1895. and it's just over a year ago that hurricane irene caused record flooding in the northeast. but with sandy came new records and according to new york governor andrew cuomo, more pressure for governments to act. >> i joke that every two years we have a 100 year flood. the frequency is way up. it is not prudent, to sit here, i believe, at this point and say, well it's not going to happen again. once you have that recognition, then what are you doing about it. and what design changes, what construction changes are you making to deal with it. >> suarez: as new york struggles to recover from sandy, cuomo looked to the long-term, calling for a "fundamental rethinking of our built environment." one key issue: how to protect the new york subway system which experienced the worst damage in it's 108 year history. many stations remain submerged under several feet of water even as limited operations are expected to resume tomorrow. but infrastructure renovations are not always a clear fix. mayor michael bloomberg, who has taken a number of steps to make
Search Results 0 to 11 of about 12 (some duplicates have been removed)

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